A registered retirement savings plan (RRSP) is an arrangement between an individual an an issuer under which contributions are made by individuals to a tax-sheltered vehicle and a retirement income is payable upon maturity. Contributions are tax deductible and investment earnings remain tax sheltered while in the plan. Payments out of the RRSP are taxable income to the recipient. A group RRSP is a collection of individual RRSPs that are administered together under a group arrangement sponsored by an organization for a group of individuals.

You will automatically become a member of the group RRSP on January 1 or July 1 following the completion of 6 months of continuous employment with the Company.

You can contribute a maximum of 2% to the plan.

The Company will make contributions to the Group RRSP equal to 3% of your earnings. The Company will also match your contributions, if any, to a maximum of 2% of your earnings.

Log onto www.sunlife.ca to enrol and set your investment elections.

For more information, click here. And for more insight on saving towards retirement, watch this video.